He added that Egypt had held successful elections and that security had returned to the Arab world's most populous nation.

Kandil stressed, however, that having a democratic election must be accompanied by economic growth.

“We all insist on making Egypt an advanced and democratic country,” he said, adding the government was working to “attract capital by providing a modern legislative environment.”

“Reducing the budget deficit is a top priority,” he said.

The delegation’s visit comes after reports last week that the Obama administration is nearing an agreement with Egypt’s new government to relieve $1 billion of its debt. The debt relief is part of an American and international assistance package intended to bolster its transition to democracy.

The announcement came nearly 16 months after the U.S. first pledged to help Egypt’s failing economy.

In addition to the debt assistance, the administration has thrown its support behind a $4.8 billion loan being negotiated between Egypt and the International Monetary Fund.

AFP reported that during the visit, members of the American delegation will also meet with other cabinet members, heads of political parties and business leaders.